Bitcoin Cash Technical Analysis: BCH Faces Rejection At $540 Resistance Barrier

Last Updated July 23rd 2021
2 Min Read

Daily Bitcoin Cash BCH Price Analysis
  • Bitcoin Cash price finds support at the 50-day SMA.
  • The MACD shows increasing bearish market momentum.

Between February 15 to February 21, the Bitcoin Cash price has been trending horizontally around the $700 line. Following that BCH dropped to $705 to $515 within 48 hours, losing almost $200 in its overall valuation.

50-Day SMA Prevents Bitcoin Cash Price For Dropping Further

The 50-day SMA prevented the Bitcoin Cash price from dropping any further. As of now, BCH is trending around $525 and is looking to move up to $550. However, the $540 resistance barrier has prevented BCH to go any higher.

bch/usd daily chart 022621

Image: BCH/USD daily

Speaking of which, the $540 is particularly strong since nearly 83,000 addresses had previously purchased a million BCH tokens at this level. If Bitcoin Cash price manages to break past this zone, it will easily reach $550 and then $600.

bch/usd volume chart 022621

Image: IntoTheBlock

Looking at the 4-hour Bitcoin Cash price chart, the latest candlestick is properly stuck between the 20-bar and 200-bar SMAs. This gives it very less wiggle room.

bch/usd 4-hour chart 022621

Image: BCH/USD 4-hour

Bitcoin Cash Price Is Expected To Reach These Levels

As things stand, the Bitcoin Cash price is likely going to keep trending horizontally in the $525 level.

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